There is positive news this week as additional construction in Over The Rhine add mixed income real estate into the Cincinnati market. While the market is down, nearly all of the units (8/11)in Phase 1 have been pre-purchased according to yesterday’s newscast on wvxu. The development group 3CDC continues to lead the charge in redeveloping the neighborhoods adjacent to Downtown, providing new options for those looking to purchase Cincinnati real estate in the heart of the city.
The best news is that this project is mixed income and this shows the continued commitment by 3CDC and the city to include residents of all income levels and not just those who can pay premiums for newly renovated construction. It is important for the vitality of the city that these efforts to provide affordable ($160,000 for over 1,500 SQFT of new construction) continue. An additional 11 units are planned and the Over-the-Rhine Community Housing is a partner in this project. They are providing special financing on five of the 22 units, making them affordable for low to moderate income buyers.